Panacea Acquisition in an 8-K filing announced that shahreholders voted in favor of the SPAC’s merger with Nuvation Bio. Approximately 94 percent of eligible shares were voted in support of the deal.
Consideration on the transaction consists of approximately $144 million held in Panacea’s trust (assuming no redemptions). Additionally, a group of healthcare investors has committed to participate in concurrent equity financings totaling slightly more than $500 million at $10 per share.
Nuvation Bio is focused on developing cancer treatments. Read more.
